Realty Digest June 2022 For Huntington Beach by Scot Campbell

JUNE 2022 / Circulation 19,500 Monthly

/ www.RealtyDigestOnline.com

Happiness is Working with a Very Experienced & Skilled Realtor when the Market Shifts We expected Mortgage Rates to rise… but they jumped over 6% faster than anticipated In just a few weeks mortgage rates jumped up about 100 basis points into the 6.25% range. It happened much more quickly than experts predicted, and the rise has been detrimental to buyers who planned to purchase this summer; some buyers have been “payment priced” out of the market. Huntington Beach remains the most affordable of the Orange County beach towns. Lenders will offer more of the Adjustable Rate Mortgage (ARM) products as we move forward. Loans that are fixed for 5, 7, or 10 years, then become an adjustable. Interest rate “buy downs” will also be popular to help borrowers qualify. On a very positive note, many Sellers that are “Soon-to-Be Buyers” (going to be buying, once they sell their house) have more selection now. This is the time for sellers to hire the most experienced and skilled Realtor they can find to successfully navigate the shifting market.

I have been an active Realtor for over 30 years in Huntington Beach. If you are having thoughts of selling your property, I am standing by to help you!

Sincerely, Scot Campbell SCOT CAMPBELL / COLDWELL BANKER-Campbell Realtors Global Luxury Specialist 714.336.0394 Mobile / scot@campbellrealtors.com / www.scotcampbell.com / DRE #00943759

How’s the Huntington Beach Market? The “Days of Supply” is the best indicator of market conditions. The reading jumped from a record low of 20 days in February up to 52 days on June 9th indicating a rapid shift from strong “Seller’s Market” conditions to a level approaching a “Balanced Market”. The graph illustrates market conditions over the last eight years. The market reaction to the elimination of the mortgage interest deduction can be seen in Q4 2018 and Q1 2019. The immediate “CV-19 Shock” is visible in April-May 2020, followed by the Strongest Seller’s Market conditions ever seen… especially the months May 2021 & February 2022 which set records!

Although conditions do not favor sellers as much as 90 days ago, it is still a very good time to sell!

To read my complete report on the Huntington Beach Real Estate Market go to: www.HowsTheHBmarket.com

For an Instant Home Value Report for your home go to: www.HBhomeValue.com

For 3D Tour & Details: www.1814Main.info On Market | $3,850,000

MODERN OCEANFRONT HOME ON SAND | Sweeping Ocean & Sunset Views! www.16351sPacific.info

ON MARKET Call for Details & Showing Information | List Price $9,995,000

16385 Maruffa Circle “Humboldt Island”

615 8th Street, “Downtown” Huntington Beach

3D Tour & Details GoTo: www.16385Maruffa.info

3D Tour & Details: www.6158thStreet.info

4 BR | 3.5 BR | 2,900 Approx. SqFt | 5,000 SqFt Lot

3 BR + Office | 2.5 BA | 2,550 Asqft | 3rd Floor Sundeck

On Market | $2,750,00 (Waterfront Home & Rebuilt Boat Dock)

On Market | $1,750,000 (Best Price on the Numbered Streets)

OCEANFRONT PIER COLONY PENTHOUSE

16641 S.Pacific, Sunset Beach

2 Bedrooms + Loft | 2.5 Baths | 2 Secured Parking Spaces

Brandon Architects | On the Sand | 5 BR | 5.5 BA | Elevator

IN ESCROW | List: $1,995,000 + $100,000 for Furnishings

SOLD by SCOT | $6,995,000 | Full Price Mulitple Offers

16362 Maruffa Circle, Huntington Harbour

3355 Tempe Dr, “Seabridge” Huntington Harbour

3D Tour & Details GoTo: www.200PCH332.com

105 Feet on Water | Over 4,600 SqFt of Living Area

3D Tour & Details: www.16362Maruffa.info SOLD by SCOT | $4,710,000 | Represented Seller

3D Tour & Details: www.16641sPacific.info

3 BR | 3 BA | 1,580 Asqft | 2 Car Gar | Contemporary

3D Tour & Details: www.3355Tempe.info

SOLD by SCOT | Closed Record Price $1,110,000

Higher Mortgage Rates are Cooling the OC Housing Market Source: Reports on Housing - June 13, 2022

The shift in housing due to higher rates has already made a significant impact on the housing market, and it will slow further over the summer. Since demand’s early peak at the end of May, the Days of Supply has jumped from 20 to 45 days, growing by more than 3-weeks. While the market is slowing, it is gradually evolving from its out of control, insane pace, to a normal Seller’s Market where pricing will be fundamental in finding success. With a higher-than-expected Consumer Price Index report that just came out last week, according to Mortgage News Daily mortgage rates leapt from 5.5% on Thursday, June 9th, to 6.13% on Monday, June13th, an enormous, extraordinary jump. They were at 3.25% at the start of the year and have escalated by nearly 3 points since. The higher rates have already had an enormous impact on housing so far this year, and the recent rise will only further slow the market. Rates are rising in anticipation of everything that the Federal Reserve will need to do in order to tamper down stubborn inflation. Higher rates dampen demand, homes take longer to sell, and market times grow longer. Today’s demand is mute compared to last year, down 34%, and the 3-year average prior to COVID (2017 to 2019), down 27%. Fewer buyers qualify to purchase at today’s higher rates, so there are not as many buyers bumping into each other. As a result, the inventory has more than tripled so far in 2022, growing from 965 homes to start the year to 3,059 today. The Days of Supply (Time required to sell every home on the market at the current rate of sale if no new homes are listed) has blossomed from 20-days at the end of March to 45-days today, still a Seller’s Market, just not an insane, instantaneous pace.

Mortgage Rates Surge on Inflation Expectations FreddieMac: June 16, 2022

Mortgage rates surged as the 30-year fixed-rate mortgage moved up more than half a percentage

point, marking the largest one-week increase in our survey since 1987. These higher rates are the

result of a shift in expectations about inflation and

the course of monetary policy. Higher mortgage

rates will lead to moderation from the blistering pace of housing activity that we have experienced

coming out of the pandemic, ultimately resulting in a more balanced housing market.

Scot Campbell uses the Same Quality Imagery to market all his listings whether the home is a 2 Bedroom Cottage or this $2.368 Million Off-Water Trinidad Island home which he Sold for a Record Price!

Link to the Realtor MLS Listing with HDRI Enhanced Photography: www.3531VentureMLS.info When Scot Campbell put 3531 Venture on Trinidad Island in Huntington Harbour on the market, all the HDRI enhanced photography, 3D tour, and Drone Video were instantly published in the MLS. Within moments buyers began viewing images & tours… and setting appointments for a personal viewing. There were multiple offers immediately following the two “showing days”… the home was bought by a wonderful family who will raise their children in this prized neighborhood. There were 90 views of the walk-through 3D tour in the first 3 days the home was on the market, and over 15 buyer groups who were enticed to come for an in person showing after viewing the imagery! If you would like your home marketed with the same quality HDRI enhanced photography, 3D Tour, and Drone Video that SOLD 3531 Venture Drive well above asking price, contact Scot Campbell.

Virtual Tour:

www.3531Venture3Dtour.com

Aerial Tour: www.3531VentureAerial360tour.com

6621 Polo Circle, “Edwards Hill” Huntington Bch

614 16th Street, “Downtown” Huntington Beach

Over 7,600 SqFt of Living Area on 15,600 SqFt Flat Lot

SOLD by SCOT | $4,696,000 | Represented Seller

SOLD by SCOT | $2,215,000 | Represented Buyer

19857 Saltwater Circle, Huntington Beach

1120 Delaware, “Downtown” Huntington Beach

3D Tour: www.19857Saltwater.info

Completely Remodeled / 2 Story Beach Home

SOLD by SCOT | $1,052,000 | Represented Seller

SOLD by SCOT | $1,715,000 | Represented Buyer

3D Tour & Details: www.6621Polo.info

3 BR | 2 BA | 1,386 Asqft | 2 Car Garage | Plan B

7202 W. Oceanfront, Newport Beach

4 BR | 3.5 BA | 2,790 SF | 2 Car Garage | 2 Car Driveway

On the Sand with Beautiful Sunsets!

SOLD by SCOT | Full Price | $7,750,000 | Represented Seller

www.61416thStreet.info

3 BR | 2.5 BA | 2,044 Asqft | Detached 2 Car Garage

3243 Moritz Dr, “Broadmoor” Huntington Harbour

2 BR | 2 BA | 1,348 Asqft | 2 Car Garage | Completely Remodeled!

3D Tour & Details: www.3243Moritz.info

SOLD by SCOT | $1,275,000 | Scot Represented Buyer & Seller

More Closings by Scot Campbell

www.10505Morada.info

www.308Huntington.info

www.19481Pompano103.info

Represented Seller

www.52814th.info

www.6197th.info

Represented Buyer & Seller

www.52521st.com

Represented Buyer & Seller

Represented Seller

www.62718th.info

Represented Buyer

Represented Seller

www.216Hartford.info

Represented Seller

W hat’s My Home Worth? GoTo: HBhomeValue.com

Deborah Werneth 2 months ago If you are selling a property look no further than Scot Campbell Realtor! Scot Campbell is an outstanding Realtor. His knowledge of the Huntington Beach market is point on. Scot marketing and strategy skills are superlative,, as he was able to help us get a record price for an Old Towne Huntington Beach cottage- the price was well above comparables and the asking price! Scot Campbell is a personable and responsive Realtor. He responded quickly to any questions that we had and provided ongoing updates on the sale of our property. This is the second time our family has worked with Scot Campbell - the first time buying and this time selling a property.

Scot Campbell Realtor is the best! John Nelson 2 months ago I cannot express in words my gratitude to Scot for his professionalism, hard work, patience, and wisdom as he helped our family sell three Huntington Beach properties (a condo and two family homes). He is a consummate professional, is highly knowledgeable about the local market, and had impe cable judgement on how to market and prepare the three properties for sale. Each residence sold nearly immediately and for well above the asking price. His guidance and initiative were instrumental in preparing our homes quickly and professionally for the market.

I highly recommend him if you are selling a property in the Huntington Beach area. Neal Stephens 2 months ago Scot did a great job for us - out of town buyers who were hunting for a tall, skinny in the numbered streets near downtown HB. Super knowledgeable and very responsive. He found us a house that he knew we’d like and took a very detailed 3D photo tour - providing us much more detail than the listing had on Trulia/Zillow. He ran all the numbers to show us comps and has a large crew of vedors to helpinspectors, property managers, painters, flooring vendors, etc. to get the house just how we want it. He also talked us out of pursuing more expensive houses that showed well on Trulia/Zillow but weren’t worth pursuing. We personally inspected two that he told us to avoid and we immediately agreed after seeing the property. We appreciated his honesty and knew he had our interests in mind -- not simply closing a quick deal to make an easy commission. Scot is full service realtor who understands the offer/acceptance/closing process and is well known by the other agents, escrow officers, etc in HB

We’d use Scot again in a heartbeat and have already recommended him to family and friends.

When the time comes to decide who to entrust with helping you sell your home, Scot Campbell is worthy of your consideration.

COLDWELL BANKER Campbell Realtors 1720 Pacific Coast Hwy, Suite 101 Huntington Beach, CA 92648

Local Postal Customers

Having Thoughts of Selling your Home? If so, email/text me the address, and I will send you a Custom Home Value Report… or order an instant value report at: www.HBhomeValue.com

Want to see All the Recent Sales Activity in your Neighborhood? I post Market Updates monthly for: Downtown HB, Seacliff, Edwards Hill, Huntington Harbour, Brightwater, Bolsa Landmark, & Summerlane at: www.HBneighborhoodSales.com

How is the Huntington Beach Market? Read a Monthly Report at: www.HowisTheHBmarket.com

How is the Orange County Market? Read a Quarterly Report at: www.HowisTheOCmarket.com

SCOT CAMPBELL / COLDWELL BANKER-Campbell Realtors Global Luxury Specialist 714.336.0394 Mobile / scot@campbellrealtors.com / www.scotcampbell.com / DRE #00943759 The property information herein is derived from various sources that may include, but not be limited to, county records and the Multiple Listing Service, and it may include approximations. Although the information is believed to be accurate, it is not warranted and you should not rely upon it without personal verification. ©2022 Coldwell Banker. All Rights Reserved. Coldwell Banker and the Coldwell Banker logos are trademarks of Coldwell Banker Real Estate LLC. The Coldwell Banker® System is comprised of company owned offices which are owned by a subsidiary of Realogy Brokerage Group LLC and franchised offices which are independently owned and operated. The Coldwell Banker System fully supports the principles of the Fair Housing Act and the Equal Opportunity Act.